ST JOHN’S, Antigua – Minister of Finance Harold Lovell yesterday said government is not in a position to pay the US $23 million it offered to pay Half Moon Bay Holdings as compensation after compulsorily acquiring the property several years ago.
However, the minister expressed hope the situation would soon change.
“We are working to get ourselves in the position to make payments but in the meantime, the matter is still being dealt with legally.”
Acknowledging the recent decision of the Eastern Caribbean Supreme Court of Appeal in which HMB was awarded US $45.5 million, Lovell said, “I expect an appeal would be filed and I am not going to prejudice any matter before the court. The crux of the matter before the court is the financial aspect so I’ll be guided by the attorney general before speaking any further.”
Meanwhile, Attorney General Justin Simon QC said he could not comment on the HMB matter, even as its managing director Natalia Querard accused government of breaching the Caribbean Basin Initiative (CBI) and the Caribbean Basin Economic Recovery Act (CBERA) treaties. The breach of a Treaty cancels the agreement under the United Stated-Caribbean Basin Trade Partnership Act (CBTPA).
Querard is apparently in support of the resolution put to the US Senate to suspend all aid to Antigua & Barbuda until local government fulfills certain obligations.
The businesswoman said, “By expropriating the Half Moon Bay Resort from its American owners, the Government of Antigua has breached the CBI and CBERA treaties. The breach of a Treaty cancels the agreement.”
The aforementioned treaties agreed to between Antigua and the US stipulate that no country should be a beneficiary of aid from the US if it expropriates or otherwise seizes ownership or control of property owned by a US citizen or a corporation partnership or association which was owned 50 per cent or more by US citizens.
(More in today’s Daily OBSERVER)
If you take something without paying for it, it’s called stealing, not expropriation.
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This matter has gone on for far too long with enough blame to go around. But with Querard stating that she is in support of the US Congress actiones clearly shows that she is about self and don’t give a damn about Antigua. There good thing for her is that Observer seems to always be championing her cause and quick to report anything she has to say without an opposing view.
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Only God knows if or when this debacle will be resolved. Under the stewardship of this present Gov Antigua has been reduced to a welfare state.
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This situation now threatens to become a foreign policy debacle for Antigua. Its simple, if HMB holdings had an inoperable hotel on the island, then it owes taxes and penalties on the land, and interest on the balances for the property from 1995 to 2005.
Both parties can hire appraisers to value the property on the date it was condemmned, and agree to be bound by the final result agreed on by an arbitrator.
The governement will owe HMB holdings the amount agreed plus interest from that date. Condemmnation is different than expropriation, the former is a legal process the latter is political.
All thst is left there is 108 acres of land, the improvements have little value. The government should get the new investor to put up a downpayment of 50% of the figure agrred to against a 50 year land lease, and use it to pay HMB. The downpayment is a good faith gesture that it intends to proceed with development, the lawyers can work out the details.
Both the current and former administrations in Antigua have bungled this situation, but I believe it is largely that the govertnement is broke.
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